No, it's a standalone binary. It compiles the wasm file to native assembly (depending on target), then uses zig build-exe to link libc and libunwind into a final exe file.

$ wasmer create-exe --target x86_64-windows-gnu qjs.wasm -o ./js.exe && llvm-objdump -p ./js.exe | grep DLL

    DLL Name: KERNEL32.dll
    DLL Name: msvcrt.dll
    DLL Name: WS2_32.dll
    DLL Name: ADVAPI32.dll
    DLL Name: USERENV.dll
    DLL Name: bcrypt.dll